1. Field of the Invention
The invention relates to a system for financial planning for an investor and, more particularly, to a system for selection of at least one financial strategy for an investor.
2. Background of the Invention
Traditionally, an investor has a portfolio of investments and may seek out the advice of a financial counselor to recommend a financial strategy for achieving the financial goals of the investor. The investor is interviewed and conveys the financial goals to the financial counselor. Using the financial goals of the investor, the financial counselor thoughtfully considers various financial strategies to achieve the financial goals of the investor. The ability of the financial counselor to offer such advice to the investor comes from years of training and experience in financial planning. Using the acquired knowledge and experience, the financial counselor recommends at least one financial strategy to the investor. With this financial advice, the investor chooses a financial strategy to achieve the financial goals of the investor and pursues an implementation plan by investing in a portfolio according to the chosen financial strategy. As investors know, the results of such financial advice are not guaranteed, because no financial counselor can predict the future.
To proffer such financial advice to an investor requires a significant amount of time on the part of the financial counselor and a significant amount of money on the part of the investor. Alternatively, an investor may elect to research and determine an appropriate strategy without the use of a financial counselor.
There exists a need to automate the process of analyzing the assets of the investor, considering the financial goals of the investor, and recommending at least one financial strategy to the investor. Further, there exists a need for the investor to have the ability to obtain such a recommendation without the intervention of a financial counselor. Moreover, there exists a need to reduce the cost to the investor of obtaining such advice.